Birdies at holes three, four and five gave Tiger Woods a share of the lead in his defence of his US Masters title at Augusta.
After parring the opening holes he rolled in putts on three successive greens to be co-leader with Scott Verplank who has completed ten holes following birdies at the third, sixth and ninth.
Woods bogeyed the 180-yard sixth to drop back to a share of second with Olazabal who had a succession of pars to follow his stunning eagle at the second.
Last year's runner-up David Duval started poorly with a six at the par-5 second and after seven holes was four over par.
Bringing up the tail of the field was Craig Perks, the Players Champion in his first Masters. He is eight over after 14 holes.
Colin Montgomerie started with five straight pars before a bogey at the par-3 sixth. Nick Faldo birdied the short 12th to get back to +2.